Staff Reporter
Mortgage rates have fallen for the seventh straight week, reaching their lowest point since December, according to Freddie Mac, a key mortgage buyer.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, indicates that the average rate for a 30-year fixed mortgage decreased to 6.63%, down from last week’s 6.76%. This time last year, the average rate for a 30-year loan was 6.88%.
Sam Khater, Freddie Mac’s chief economist, noted that this week’s decline is the most significant since mid-September.
“The drop in rates enhances the purchasing power for potential homebuyers and should encourage many to take action,” Khater stated. “Moreover, this decrease is already allowing some current homeowners to refinance. In fact, the share of refinance applications reached nearly 44% this week, the highest level since mid-December.”
Meanwhile, the average rate for a 15-year fixed mortgage also fell, dropping to 5.79% from 5.94% last week. A year ago, the average rate for the 15-year fixed mortgage was 6.22%.
